HR2013-05-23Referred to the House Committee on Financial Services.2013-05-2300Introduced in House2013-07-09T18:18:13ZInsurance Capital and Accounting Standards Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Home Owners' Loan Act to make minimum leverage and risk-based capital requirements governing insurance companies under the state law also apply to insurance companies that are either depository holding companies or subsidiaries of depository holding companies.

Presumes any insurance company, insurance affiliate, or insurance subsidiary in compliance with applicable risk-based capital standards under state law also to be in compliance with minimum capital requirements of Dodd-Frank.

Declares inapplicable to such companies the minimum leverage and risk-based capital requirements of Dodd-Frank unless the Board of Governors of the Federal Reserve System (Board) first determines that: (1) the benefits of applying those requirements outweigh their cost, and (2) a quantitative impact study shows such requirements to be appropriate.

Prohibits the Board from requiring a nonbank financial company that is an insurance company under its supervision to comply with accounting standards that differ from regulatory accounting standards under state law.

Amends the Federal Deposit Insurance Act (FDIA) to require a federal banking agency, before requiring a depository institution holding company that is an insurance company (or that has one or more subsidiaries that are insurance companies) to be used directly or indirectly as a source of financial strength for a subsidiary depository institution, to first obtain: (1) the consent of the domiciliary state insurance commissioner, and (2) a certification that the commissioner considered the safety and soundness of the insurance company or subsidiary insurance company before providing such consent.

]]>Introduced in House2013-05-23T04:00:00Z113House2013-05-23By Mr. GARY G. MILLER of California:H.R. 2140.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 (relating to the power toregulate interstate commerce).[Page H2956]]]>7847M0011391584Rep. Miller, Gary G. [R-CA-31]MILLERM001139CAGARY31RInsurance Capital and Accounting Standards Act of 2013Short Titles as IntroducedTo permit insurance companies that are depository holding companies, or are subsidiaries of depository holding companies, to comply with the accounting and capital requirements applicable to the insurance company under State law, and for other purposes.Official Title as IntroducedInsurance Capital and Accounting Standards Act of 2013Display Titlehsba00Financial Services Committee2House floor actionsH11100Referred to the House Committee on Financial Services.IntroReferral2013-05-239Library of CongressIntro-HIntroduced in HouseIntroReferral2013-05-239Library of Congress1000Introduced in HouseIntroReferral2013-05-2311132016-10-25T16:03:58Z1503M00030980652013-05-23DMCCARTHYTrueM000309NY4CAROLYNRep. McCarthy, Carolyn [D-NY-4]21402013-05-24T07:01:35ZAccounting and auditingAdministrative law and regulatory proceduresBusiness investment and capitalFederal Reserve SystemInsurance industry and regulationLife, casualty, property insuranceState and local government operationsFinance and Financial SectorFinance and Financial SectorInsurance Capital and Accounting Standards Act of 2013HouseStandingFinancial Services Committeehsba002013-05-23T13:04:30ZReferred totext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.Congressional Research Service, Library of CongressThis file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.